Primary term

{
  "id": "MLC-T-OAG-002937",
  "term": "Primary term",
  "field": "Oil and gas",
  "definition": "The initial period specified in an oil and gas lease during which the lessee has the right to explore for and produce hydrocarbons without an obligation to produce in paying quantities. If production is established during this period, the lease continues into its secondary term. The length of the primary term varies, commonly ranging from three to five years.",
  "subject": "Oil and Gas Business",
  "url": "https://mlchart.com/terminology/oil-and-gas/primary-term/"
}